Dynasty Financial Partners this week announced the creation of Dynasty Enterprise Group (DEG), a specialized division devoted to RIA firms within its network that have $1 billion or more in assets under management.
The premise behind DEG is that advisory firms face various challenges and opportunities as they approach the $1 billion plateau, and DEG seeks to leverage Dynasty’s existing platform to provide its larger network firms with support in a host of areas ranging from technology and marketing to operations and practice management.
Ed Friedman, a director at Dynasty, says his company saw a demand from multi-billion-dollar firms to help them innovate, modernize and increase their profits. Friedman and Dynasty senior vice president Gordon Ross will lead this new business unit.
Based in New York City, Dynasty’s platform supports more than 45 RIA firms with roughly 160 advisors and more than $30 billion in combined client assets under advisement. Five of its network firms have exceeded $1 billion in assets.
In July, DEG will introduce a series of national best-practices workshops aimed at helping billion-dollar-plus advisor firms boost their efficiency and scale.